NEW YORK CITY- Luxury developer SHVO in a joint venture with Deutsche Finance America and BLG Capital has secured a $545 million loan to finance the redevelopment of 711 Fifth Ave. in Midtown. The property is steps away from Central Park and the 57th Street luxury residential corridor. Jones Lang LaSalle secured the loan, and Goldman Sachs led the financing.

Constructed in 1927, the 18-story property at 711 Fifth Ave. was the original headquarters of NBC. Totaling 340,024 square feet, the historic building has 284,061 square feet of office space and 55,963 square feet of retail. Bethlehem Engineering Corp. designed the property.

SHVO, Deutsche Finance America, and BLG plan to redevelop 711 Fifth Ave. through several value-add strategies that include upgrades to the building's lobby, mechanical repairs, and expansion of terraces and outdoor space. The property sits on a prime corner location, which offers more than 124 feet frontage along the Upper Fifth Avenue Corridor, the second most expensive retail corridor in the world, and 154 feet of frontage along East 55th Street.

The SHVO-led development team has acquired seven properties during the past 18 months, including 685 Fifth Avenue, 711 Fifth Avenue and 530 Broadway in New York.

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Developer SHVO Lands $545M Loan for 711 Fifth Avenue Redevelopment

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